why some country banned bitcoin?

[btcbrother]

Governments are going to ban Bitcoin here and there. There are always the fringe who do not accept new technology for whatever reason.

[btcmayumana]

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

This is a serious consideration why some countries decide to banned bitcoin trade in their territory.

[Queta_7]

Well, maybe they perceive crypto-currencies as a way to engage in illegal activities, in addition - taxes. Traders do not pay taxes to the goverment..

[Mumbeeptind1963]

because they don't know how to demand taxes from this, and still fear for the economy of the country

They also fear that people would really put all their money to bitcoin not on the bank. As they cannot touch bitcoin they would probably banned this. Since it is a decentralized organization and government can't really touch them all they have to do is banned them. I'm afraid when it comes to our country as well.

In case of paper money there are different types of tax which are implemented on money of the people like withholding tax, sale tax or other taxes but in case of bit coin it was a fear that the people will keep all their money in the shape of bit coin so their banks will stop working.

I have to pay taxes in my country if i want to cash out my bitcoins it is not that bad for me because if you cash out a huge amount it does not seem like anything when you pay the taxes form it and it is not only the taxes.

Because some of them used it in illegal activities and its easy of use for criminal purposes like transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and many more.

[enterprevic]

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Bitcoin though its good there are lot of disadvantages of the currency, there are lots of disadvantages of the currency, and the major reason I think any country would not allow bitcoin is because there is anonymity of transactions. And once there is anonymity and that would help aid money laundering which can ruin a country.

[PORN_coin]

this question is not new, new users and those who have been inside for a long time already think about it

the fact is that the governments of countries want to control the flow of money within their own country and they unbelievably dislike when someone is intruding into this process

[CuriousGeorge]

because they don't know how to demand taxes from this, and still fear for the economy of the country

They also fear that people would really put all their money to bitcoin not on the bank. As they cannot touch bitcoin they would probably banned this. Since it is a decentralized organization and government can't really touch them all they have to do is banned them. I'm afraid when it comes to our country as well.

In case of paper money there are different types of tax which are implemented on money of the people like withholding tax, sale tax or other taxes but in case of bit coin it was a fear that the people will keep all their money in the shape of bit coin so their banks will stop working.

I have to pay taxes in my country if i want to cash out my bitcoins it is not that bad for me because if you cash out a huge amount it does not seem like anything when you pay the taxes form it and it is not only the taxes.

Because some of them used it in illegal activities and its easy of use for criminal purposes like transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and many more.

The blockchain from my very own perspective is rather transparent, all the transaction can be traced by simply using blockchain explorer, many people also said that bitcoin is not anonymous, so why still bothering with this matter. The government if they found a case that some criminals use bitcoin as the method for them to move their funds, could simply taking advantage of the already existed bitcoin blockchain explorer, so that's not the right reason you mentioned.

[conceivedspoon2]

Bitcoin has become a force to reckon with and the countries of the world realised that will not be able to control the affairs of the bitcoin currency. The Central bank of the every country will revolt against bitcoin and cryptocurrencies because it is also not taxable.

[Bornien]

Because not all country's believe in bitcoin and they do not trust it also it is very hard to actual believe something that can give you this easily profit and i think i understand why some countries have banned bitcoin.

[Genemind]

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Perhaps those countries fear bitcoin. They fear bitcoin because it may have a negative effect on their economy and the people. Although, I don't see how bitcoin can harm a country. On the contrary, bitcoin may be able to help rather than worsen.

[thebosskid]

Sometimes country's ban bitcoin because of that the criminals and scammers use it. This is good because they take action we don't take actions against criminals who use bitcoin.

If we can stop this we could get not banned.

[valmon]

Maybe it is only defense of banking system 

[Mr.grin]

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Perhaps those countries fear bitcoin. They fear bitcoin because it may have a negative effect on their economy and the people. Although, I don't see how bitcoin can harm a country. On the contrary, bitcoin may be able to help rather than worsen.

yes, but more than people see the negative side of bitcoin, well because initially bitcoin is used on dark web. but for now, bitcoin is more developed in the investment business than it does. maybe a country takes time to accept bitcoin.

[Cazemiro]

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

The Bitcoin, is getting attention, because the power of currency is growing up! The government is try to banned e keep the economy under control.

[emberbekas]

Some countries afraid if bitcoin will be used to fund crimes including terrorism. Bitcoin can be used as a route to avoid money control, that's why some countries afraid if their citizens will use it as a way to launder money and avoid taxes.

[Aufar]

The last country to adopt this position is Vietnam. And most countries that forbid digital currencies regard the decision as ignorance about technology, will mainly be a win-win situation if they just regulate it, so every country should provide protection to its citizens.
That is the reason some countries ban bitcoin because Bitcoin is decentralized.
there needs to be rules about Crypto

[Pakar11220]

as of my opinions the main reason of why some countries banned bitcoin is that a lot of people now want to invest in bitcoins instead of banks, because banks i think gives 10 percent of the profit and the price of bitcoin moves fast, so here in bitcoin they make much profit instead of banks so therefore they focus on bitcoins and by this govt not allowed bitcoins in their country.

[metenjean]

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Its simple, because bitcoin is uncontrollable and if bitcoin were to take over the nation currency then the country economy will collapse and there will be huge burst of investing output from the country, no more cash for the countries and no more investors willing to buying the currency, just like some african countries that suffers high inflation rate and force to denominate their own currency.

[MWesterweele]

Governments are going to ban Bitcoin here and there. There are always the fringe who do not accept new technology for whatever reason.

Because they used it as a tool for some illegal transaction, like selling and buying drugs,weapons and all crime you know. So that some government banned bitcoin because it can make harm their society.

[Jody.Drummer]

because the thing that I think is very simple like bitcoin transactions can not be read by the system because bitcoin every transaction does not have its name like a transaction in a bank that has a name and also bitcoin can be used to buy a thing that looks negative and maybe it is prohibited by some countries but back if we see on the positive side bitcoin can evolve and technology is also increasingly sophisticated and change all the economics..